In the second quarter of 2024, the Bank of Ghana is set to auction $120 million to Bulk Oil Distribution Companies (BDCs), mirroring the amount auctioned in the first quarter of the year.

Per the Forex Forward Auction Calendar, the bank plans to distribute $40 million monthly to the BDCs throughout the quarter, reports say.

Specifically, in April, the Central Bank is scheduled to auction $20 million to the BDCs.

This pattern follows the precedent set in February, with two auctions slated for May 14 and May 29, 2024, respectively.

For May, the auction amount will also be $20 million for each BDC.

In a notice released by the Central Bank, it indicated that auctions will occur between 9:30 am and 10:30 am on the designated dates, with announcements made at 3:00 pm.

The BDC Forex Forward Auction is to be conducted following the guidelines available on the Bank of Ghana's website.

The purpose of selling US dollars to BDCs is to provide oil importers with sufficient foreign exchange liquidity to procure finished oil products for domestic use, thereby helping to alleviate forex demand pressures.

ID/SARA

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